TIDMRCOI
RNS Number : 4936Q
Riverstone Credit Opps. Inc PLC
28 October 2021
Riverstone Credit Opportunities Income
Interim Management Statement
London, UK 28 October 2021: Riverstone Credit Opportunities
Income Plc ("RCOI" or the "Company") is issuing this Interim
Management Statement ("IMS") for the period from 01 January 2021 to
30 September 2021 (the "Period").
Summary Performance
30 September 2021
Key Financials
NAV $93.32 million
NAV per share $1.02
Market capitalization $78.73 million
Share Price $0.86
Total comprehensive income for the period $2.82 million
-- As of 30 September 2021, RCOI had a NAV per share of
$1.02.
Quarterly Distribution
-- Riverstone Credit Opportunities Income Plc ("RCOI" or the
"Company") is pleased to announce that the distribution for the
period ending 30 September 2021 of 1.8 cents per share, has been
declared by the Directors, payable on 26 November 2021 to holders
of ordinary shares on the register at the close of business on 5
November 2021 (ex-distribution date is 4 November 2021).
-- The Company's quarterly factsheet will be located on the
Company's website, www.RiverstoneCOI.com .
-- RCOI's Prospectus is available to view at:
www.RiverstoneCOI.com .
Riverstone Credit Opportunities Income ("RCOI") announces its
quarterly portfolio summary as of 30 September 2021, inclusive of
updated quarterly unaudited fair market valuations:
Cumulative Portfolio Summary
Unrealised Portfolio
Investment Subsector Commitment Cumulative Cumulative Gross Gross Gross % of Gross
Name Date Committed Invested Realised Unrealised Realised Par as MOIC
Capital Capital Capital Value Capital & of 30
($mm) ($mm) ($mm)(1) ($mm) Unrealised Sep
Value 2021(2)
($mm)
Project Infrastructure
Mariners Services Jul-19 13.2 13.2 6.7 11.0 17.6 108.21% 1.27 x
Caliber
Midstream Midstream Aug-19 3.4 3.4 0.4 0.2 0.6 5.96% 0.18 x
Epic Propane
Pipeline Midstream Dec-19 14.8 14.8 2.3 15.5 17.8 101.94% 1.20 x
FS Crude Midstream Mar-20 13.7 13.7 9.3 6.8 16.0 99.96% 1.17 x
Hoover
Circular Infrastructure
Solutions Services Oct-20 7.4 7.4 4.1 4.0 8.1 100.84% 1.10 x
Aspen Power Energy
Partners Transition Dec-20 6.9 3.4 0.4 3.8 4.2 108.61% 1.24 x
Roaring Fork
Midstream Midstream Mar-21 5.9 3.5 0.3 3.6 3.9 99.74% 1.12 x
Imperium3NY Energy
LLC Transition Apr-21 6.8 5.4 1.4 5.2 6.6 116.91% 1.23 x
Caliber
Midstream
Revolver Midstream Apr-21 0.6 0.6 0.0 0.3 0.3 50.00% 0.57 x
Blackbuck
Resources Infrastructure
LLC Services Jun-21 9.9 8.9 0.4 8.9 9.3 99.18% 1.05 x
Project Infrastructure
Sphere Services Aug-21 12.3 12.3 0.2 12.3 12.5 98.32% 1.02 x
-------
$94.8 $86.3 $25.3 $71.6 $96.9 1.11 x
Realised Portfolio
Investment Subsector Commitment Realisation Cumulative Cumulative Gross Gross MOIC
Name Date Date Committed Invested Realised
Capital Capital Capital
($mm) ($mm) ($mm)(1)
Rocky Creek Exploration &
Resources Production Jun-19 Dec-19 6.0 4.3 4.9 1.15 x
CIG Infrastructure
Logistics Services Jan-20 Jan-20 8.7 8.7 8.9 1.02 x
Mallard Exploration &
Exploration Production Nov-19 Apr-20 13.8 6.8 7.7 1.13 x
Market Based Multiple Aug-20 Nov-20 13.4 13.4 13.6 1.01 x
Project
Yellowstone Midstream Jun-19 Mar-21 5.8 5.8 7.2 1.23 x
Ascent Exploration &
Energy Production Jun-19 Jun-21 13.3 13.3 16.1 1.21 x
Pursuit Oil Exploration &
& Gas Production Jul-19 Jun-21 12.3 12.3 15.0 1.22 x
U.S.
Shipping Midstream Feb-21 Aug-21 6.5 6.5 7.3 1.13 x
------------ ------------ ------------ -----------
$79.9 $71.1 $80.7 1.13 x
The Gross Realised Capital column includes interest, fee income,
and principal received. The Gross Unrealised Value column includes
the amortization of OID, accrued interest, fees and any unrealised
change in the value of the investment.
Direct Lending Consolidated Portfolio Key Stats at Entry As of 30 September
2021
Weighted Avg. Entry Basis 97.4%
-------------------------
Weighted Avg. All-in Coupon at Entry 9.37 p.a.
-------------------------
Weighted Avg. Undrawn Spread at Entry 5.1% p.a.
-------------------------
Weighted Avg. Tenor at Entry 3.0 years
-------------------------
Weighted Avg. Call Premium at Entry 107.8
-------------------------
Security 100% Secured
-------------------------
Coupon Type 100% Floating Rate
-------------------------
Manager Outlook
-- Investor sentiment for the energy sector in the third quarter
reached its highest level since the IPO. Supply and demand
fundamentals continue to improve, with many expecting these trends
to continue throughout the rest of 2021. RCOI remains well
positioned to capitalise on the increasing market fundamentals
through an opportunistic investment approach, made up of a
diversified portfolio of short duration loans.
-- Throughout the quarter, RCOI successfully realised its U.S.
Shipping Loan which resulted in a 27.7% IRR and 1.13x MOIC. In
addition, RCOI capitalized on the market momentum to put in place
two new loans for Project Sphere and Blackbuck resources.
-- Despite the strong market environment, the Investment Manager
has taken a meaningful write-down with respect to its investment in
Caliber Midstream ("Caliber"). The bankruptcy of one of Caliber's
key customers has led to a significant reduction in revenue which
has resulted in the conversion of the investment from debt to
equity. While Caliber represents the smallest position of RCOI's
holdings at 4%, the investment remains significant across all the
pools of capital managed by the Investment Manager, who remains
focused on maximizing recovery for investors.
-- The Investment Manager continues to target infrastructure,
infrastructure services and energy transition investment
opportunities which will allow for steady income and positive
returns for shareholders.
Reuben Jeffery III, Chairman of RCOI, commented:
"With the trend of improving market fundamentals continuing
throughout Q3 2021, we are pleased with the performance of the RCOI
vehicle. The Company currently has a net asset value per share of
$1.02 and has returned approximately 19 cents per share to
investors since the IPO. While the situation at Caliber is
disappointing, given the small size of the investment, the overall
impact to the portfolio is minimal."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone
Credit, added:
"Even with the ongoing challenging circumstances at Caliber,
RCOI had another strong quarter. The portfolio saw another realised
investment with a strong return within the targeted market sector,
with U.S. Shipping being refinanced in August 2021. In addition,
the two new investments for Q3 represented a green loan and a
sustainability-linked loan through Project Sphere and Blackbuck
Resources, respectively. A green loan has the use of proceeds tied
to specific green initiatives while a sustainability-linked loan
encourages sustainable behavior by having loan pricing step up if
certain targets are not achieved. Our pipeline continues to offer a
wide range of similar investments, across infrastructure and
infrastructure service-focused companies across conventional and
low-carbon/renewable energy sources. We remain focused on
continuing to deploy capital across this pipeline as realisations
occur."
About Riverstone Credit Opportunities Income Plc :
RCOI seeks to generate consistent Shareholder returns
predominantly in the form of income distributions, principally by
making senior secured loans to small and middle-market energy
companies, which span conventional energy as well as low carbon and
renewable sources. The investment strategy is predicated on
asset-based lending, with conservative loan-to-value ratios and
structural protective features to mitigate risk. The Company will
invest broadly across energy subsectors globally, with a primary
focus on infrastructure businesses and going forward those with
de-carbonization strategies in North America. RCOI intends to
create a diversified portfolio across basins, commodities,
technologies and end-markets to provide natural synergies and
hedges that could enhance the overall stability of the
portfolio.
For further details, see https://www.riverstonecoi.com/ .
Neither the contents of RCOI's website nor the contents of any
website accessible from hyperlinks on the
websites (or any other website) is incorporated into, or forms part of, this announcement.
Media Contacts
For Riverstone Credit Opportunities Income Plc:
Adam Weiss
+1 212 271 2953
1 Gross realised capital is total gross income realised on invested capital.
(2) Includes fair market value of equity and rights where
applicable as a percentage of par.
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